1. To extract the digital representation of a piece of music from an
audio CD. Software that does this is often called a “CD
ripper”.

2. [Amiga hackers] To extract sound or graphics from a program that
they have been compiled/assembled into, or which generates them at
run-time. In the case of older Amiga games this entails searching through
memory shortly after a reboot. This sense has been in use for many years
and probably gave rise to the (now more common) sense 1.